Yotta USA update

OMG plc, (LSE: OMG) (“OMG” or the “Group”), the technology group providing image understanding products for the entertainment, defence, life science and engineering industries confirms that it has completed its planned exit from the USA property appraisal market.

As announced in the Group’s Interim Results on 19 May, OMG has been actively seeking an exit from the USA property appraisal market given persistent losses. An overall market decline in that sector has resulted in a tougher and more challenging environment in which to successfully conduct property appraisal surveys.

To facilitate this exit, the Group has signed an asset purchase agreement with Tyler Technologies Inc effective 30th June 2011 for a nominal consideration to take over responsibility for the Group’s Miami Dade Contract: the Group’s only remaining major long-term contractual commitment in this market.

Nick Bolton, OMG Chief Executive Officer said:

“This completion of our exit from the US property appraisal market is the right move for our Group. We believe this exit will allow us to turn our attention to other stronger areas within Yotta and focus on greater opportunities for growth such as the Horizons SaaS offering.”

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